Treasurys close lower ahead of FOMC meeting

WanfengZhou

NEW YORK (MarketWatch) -- Treasury prices drifted lower Monday, nudging yields higher, as investors adjusted positions ahead of the Federal Reserve's interest-rate decision. "The case is building and the pundits are banding together to declare that this is the meeting in which they pause," said Kevin Giddis, managing director of fixed income at Morgan Keegan. The benchmark 10-year Treasury note closed 4/32 lower at 101 19/32 with a yield of 4.919%. An afternoon Treasury auction of $21 billion in three-year notes attracted decent demand. The auction attracted a bid-to-cover - or bids rendered to bids accepted - ratio of 2.14. The indirect bid, a closely watched category that includes foreign central banks, was 25.8%.

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